US markets reversed the session’s earlier gains and ended mostly flat on Thursday as lingering concerns over China’s coronavirus cast a shadow over the earnings parade from blue-chips including Apple. The Dow Jones Industrial Average rose 11.60 points, or 0.4 percent, to end at 28,734.45, while the S&P 500 index edged down 2.84 points, or 0.1 percent, to 3,273.40. The Nasdaq Composite Index gained 5.48 points, or 0.1 percent, to close at 9,275.16.
European markets meanwhile followed the majority of their Asian counterparts and edged higher in an attempt to recover losses from Wednesday. The pan-European Stoxx 600 index gained 0.5 percent in early trading with Germany’s Dax rising 0.2 percent. The UK’s FTSE 100 advanced 0.3 percent and France’s CAC 40 rose 0.5 percent.
Maltese markets also recovered earlier gains and moved higher with the MSE Equity Total Return Index closing up 0.225 percent at 9,474.727 however on thin volumes as only three equities moved. HSBC Bank Malta Plc led the gains with shares up 0.286 percent at €1.080, followed by Malta International Airport which gained 0.74 percent to €6.85. PG Plc was the only other company to post a change in price and closed down 1.94 percent at €2.02.
Tesla posts second-consecutive quarter profit
Tesla Inc posted its second quarterly profit in a row as vehicle deliveries hit a record and the company said it would comfortably make more than half a million units this year, pushing its shares to new highs. The electric carmaker’s shares, which have nearly doubled in the past year, jumped 13% after hours on Wednesday, cracking the $600 point for the first time.
The delivery forecast, higher by more than a third than last year’s production, suggests Tesla is looking at a steadier chapter after years of steep losses, production troubles and clashes between chief executive Elon Musk and U.S. regulators.
Volvo plans big shareholder payout
Swedish truck maker AB Volvo reported a smaller than expected fall in fourth-quarter earnings in the face of slowing demand and announced plans on Thursday for a payout to shareholders that exceeded market expectations. Volvo proposed raising its ordinary dividend to 5.5 crowns per share from a year-ago 5.0 crowns and said it planned an extra dividend of 7.5 crowns per share, up from the 5.0 crown per share bonus payout last year.
Strong truck sales ahead of the current slump have helped drive cash generation at Volvo in recent years, allowing it to give an extraordinary payout to shareholders a year ago and fuelling analysts’ expectations for more of the same.
This article was issued by Peter Petrov, Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.